An overview of the Scottsdale AZ housing market

Scottsdale is a city in Maricopa County, Arizona. It is overshadowed by the state capital, the city of Phoenix - unless you are a golf enthusiast or a baseball fan. 

Scottsdale has a population of roughly 250,000 people, making it one of the largest suburbs in the Phoenix metropolis. The city is approximately a 20-minute drive from Phoenix Sky  Harbor International Airport. Even though it is heavily developed and has tourist attractions, it maintains its suburban flavor. The neighborhood is home to a spectrum of families; young professionals and retirees. 

The Scottsdale housing market is experiencing high demand and a lack of available homes.  Sellers are well aware that they can charge a premium for their houses because demand has never been higher. 

According to local realtors, the Scottsdale housing market has joined the ranks of other attractive locations. Residents are leaving California, Colorado, and other states in droves, so demand is outpacing supply. As is the case across the U.S., Scottsdale home builders are unable to keep up with demand, hampered by the high cost of wood and other materials. 

There are several reasons to consider buying real estate in Scottsdale, Arizona. Data reveals a solid Scottsdale real estate market over the last five years, with average sale points and price per square foot growing steadily. Scottsdale is known as one of the country’s best long-term real estate investments if you're an investor. 

Scottsdale is a seller's market, which means there are more buyers than available properties.  Because of the shortage of available houses in Scottsdale, sellers have an edge, homes are sold faster, and buyers have to compete for a property. When real estate markets are hot,  buyers frequently spend more on a home than they would otherwise. 

These are some of the most recent statistics: 

• In March 2022, Redfin reports that home prices in Scottsdale rose 24.1% year on year,  with a median price of $815K. 
• In terms of time on the market, Scottsdale houses currently sell after 21 days as opposed to 33 days last year. 
• In March, there were 878 houses sold, less than the 1,151 sold in the same month last year. 
• The City's Redfin Compete Score is 70 out of 100, indicating that the housing market is extremely competitive. 
• Many houses receive many bids, some with conditions waived. The typical home sells for approximately 2% above the asking price and is pending in about 25 days. ● Hot houses may be sold for up to 6% more than the list price and are pending in around  9 days. 

What are the finest areas in Scottsdale?

There are 21 different Scottsdale neighborhoods. The most expensive neighborhood is Desert  Mountain, with an average listing home price of $3.1M. Monterey Arcadia is the cheapest neighborhood, with an average listing price of $525K, according to Realtor. 

Indian Bend, Monterey Arcadia, and the Via Linda Corridor are among Scottsdale's greatest.  Consider investing in a home in one of these popular areas. Send us your street and unit type,  and we'll provide you with an opinion from the local real estate professional. 

Why invest in Scottsdale real estate? 

Many people believe that real estate investing is a wonderful method to get rich. While many real estate investors have asked if purchasing a property in Scottsdale is an excellent investment? If you want to know what the market has in store for the year ahead, you'll need to delve deeper into local trends. 

Appreciation rate 

The real estate market in Scottsdale, Arizona, is a great option for property investors; it has a  high appreciation rate, and there's been an increase in the demand for rental homes. Scottsdale's appreciation rates in the past year were among the highest in the country, at  14.8%, which was greater than the appreciation rates in the majority of other U.S. cities and towns. 

Renting 

Investing in real estate in Scottsdale, Arizona, will provide you with excellent returns in the long term since home prices have been rising year after year. The Phoenix area is expanding, and the Scottsdale region is no exception. Construction isn't keeping up with demand, making the average home price is over $700,000. 

The typical monthly rental charge is around $1,900 (a 22% increase compared to the previous year), but you'll get a lot more for a single-family home rented in the Scottsdale housing market. 

Do you like to take a short-term rental approach? That's fine if you're investing in Scottsdale.  Any home occupied for less than 30 days qualifies as a short-term rental under local legislation. According to the law, you can use such renting services as Airbnb if you comply  with the following rules: 

• The guests must be transitory. 
• Rooms or fractional units cannot be rented separately. 
• Short-term rentals may accommodate up to six people. 
• Residential rentals for less than 30 days are subject to an additional 5.0% transient tax.  

Living 

You may choose to move to the City of Sunshine to settle down with your spouse and children.  Scottsdale is a wonderful place to call home. If you're sick of blizzards and scraping ice off 

your windshield, Scottsdale is the place to go. This Phoenix suburb offers year-round warm weather and a wide range of benefits for people from all walks of life, including many more than we could list here. 

Education 

Despite its reputation as a retirement haven and golf destination, Scottsdale also has one of  Arizona's finest school systems. Several of their high schools rank in the top ten, and Arizona  State University's main campus is close by. Scottsdale is a wonderful place to provide your children with an outstanding education, laying the groundwork for their future success. 

Culture 

The Scottsdale area has attracted a growing number of young professionals, which has rejuvenated the City as a whole. Residents of Toronto's downtown core benefit from the proximity to lively nightlife, a dynamic technology sector, and more than 70 art galleries showcasing artists from all over the world. 

Takeaway 

Although this post is not a complete guide to making an ultimate decision in Scottsdale, we've outlined some evidence-based advantages for people who want to buy real estate in  Scottsdale. Investing in real estate in Scottsdale, Arizona, will provide you with good benefits in the long run as property values keep rising year over year.